Brazil’s Central Bank Keeps Key Rate Steady for First Time in 13 Meetings

Central bank says the Selic rate’s current level is ‘adequate’ for coming meetings

Jeffrey T. Lewis and

Paulo Trevisani

Updated May 16, 2018 6:27 p.m. ET

BRASÍLIA—Brazil’s central bank unexpectedly left its benchmark interest rate unchanged Wednesday, citing volatility in foreign financial markets, and signaled the possible end to a 19-month streak of rate cuts.

The bank left its benchmark Selic rate at a record low of 6.5%, after indicating at its previous meeting that it would cut at least once more. It was the first time in 13 meetings that the bank didn’t trim the Selic.

Signs...